What are the government-approved deposit protection schemes?

The Housing Act 2004 requires landlords who take a deposit for an assured shorthold tenancy in England to protect it in a government-approved scheme within 30 days of receiving it. There are three authorised schemes, each offering two types of protection. The Deposit Protection Service (DPS) — operated by Computershare — offers both a custodial option, where the deposit is held by the DPS free of charge, and an insured option. MyDeposits — operated by Hamilton Fraser — offers an insured scheme where the landlord retains the deposit but pays a fee for insurance cover. The Tenancy Deposit Scheme (TDS) — operated by The Dispute Service — offers both custodial and insured options. In a custodial scheme, the money is held by the scheme and is only released when both parties agree or a dispute is resolved. In an insured scheme, the landlord holds the money but the scheme guarantees its return to the tenant if required. All three schemes offer a free Alternative Dispute Resolution (ADR) service to resolve disputes about deposit deductions at the end of a tenancy without going to court. Tenants should note the name of the scheme their deposit is registered with, the reference number, and keep a copy of the prescribed information document. You can verify your deposit protection by searching all three schemes' websites using your name, address, and deposit amount.